Boston Scientific and Penumbra today announced the companies have entered into a definitive agreement under which Boston Scientific will acquire Penumbra in a cash and stock transaction that values Penumbra at US$374 per share, reflecting an enterprise value of approximately US$14.5 billion.
“Penumbra is a well-established company with an experienced, high-performing team and this acquisition offers Boston Scientific an opportunity to enter new, fast-growing segments within the vascular space,” said Mike Mahoney, chairman and chief executive officer, Boston Scientific.
“I’m thrilled to combine the talents and shared values of our teams—including welcoming Penumbra’s chairman and chief executive officer, Adam Elsesser, to our board of directors upon close. The addition of Penumbra can expand access for these novel technologies to more patients and customers around the world, further enhancing our revenue and margins over time with proven offerings that have a history of growth and innovation.”
Penumbra offers mechanical thrombectomy products for use in peripheral vascular procedures to remove blood clots causing blockages in arterial, venous and pulmonary vessels, including the Lightning Bolt and Lightning Flash computer assisted vacuum thrombectomy (CAVT) systems. The company’s vascular portfolio also includes a minimally invasive peripheral embolisation system, which is designed to stop blood flow to control haemorrhaging and bleeding or to close blood vessels.
Neurovascular offerings from Penumbra currently include differentiated solutions for access, stroke revascularisation and neuroembolization. In a recent press release, the company states that it is continuing to innovate in these areas, while adding meaningful clinical evidence to support expanded access for more patients worldwide.
“Our decades-long development of therapies for challenging medical conditions has focused on deep innovation for complex diseases so that we can offer physicians novel solutions to transform patient care,” said Elsesser. “I am grateful for the amazing people who have contributed to this work and look forward to uniting our efforts and shared values as we come together with Boston Scientific.”
Under the terms of the agreement, which has been approved by the board of directors of each company, the transaction values each Penumbra share at US$374, with Penumbra stockholders having the right to elect to receive US$374 in cash or 3.8721 shares of Boston Scientific common stock (valued at US$374 based on the volume weighted average price of Boston Scientific common stock over the last 10 trading days, as of January 13, 2026), subject to proration, so that the total transaction consideration is paid approximately 73% in cash and approximately 27% in shares of Boston Scientific common stock. Elsesser has indicated that he will elect to receive Boston Scientific shares for all of his Penumbra shares.
The press release continues, outlining that Boston Scientific expects to finance the approximately US$11 billion cash portion of the transaction consideration with a combination of cash-on-hand and new debt. The transaction is expected to be US$0.06–0.08 dilutive to adjusted earnings per share for Boston Scientific in the first full year following the close of the acquisition, neutral to slightly accretive in the second year and more accretive thereafter. The impact to Generally Accepted Accounting Principles (GAAP) earnings per share is expected to be dilutive in the first full year following the close, and less dilutive or increasingly accretive thereafter due to amortisation expense and acquisition-related net charges.
The transaction is expected to be completed in 2026, subject to receipt of Penumbra’s stockholder approval and the satisfaction of other customary closing conditions.
